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Tapping Apple With Four Cheaper Stocks

CUPERTINO, Calif. ( TheStreet) -- Apple (AAPL - Get Report) is on a tear as its stock price has reached multiple new highs over the past week. While it might make sense to buy Apple in anticipation of a peak on the iPad's April 3 launch date, Apple's current price of about $224 isn't exactly cheap.

There are, however, a handful of tech stocks that allow investors to take a bite out of Apple and its phenomenal swell on the cheap. While most of Apple's future-facing products and suppliers are still shrouded in mystery -- Apple didn't respond to TheStreet's request for comment on this story -- investors are likely to see Apple-related upside in Broadcom (BRCM - Get Report), AT&T (T - Get Report), SanDisk (SNDK), and OmniVision (OVTI - Get Report).

Alternatively, investors that want to play Apple in the market but avoid the risks associated with one specific stock might want to consider an ETF with a position in Apple. Apple accounts for just over 15% of the PowerShares QQQ Fund (QQQQ), which has risen more than 77% in the last twelve months.

Other funds offer different levels of Apple exposure, from 9% at the iShares Down Jones U.S Technology (IYW) fund to 3.1% at the SPDR Morgan Stanley Technology ETF (MTK).

Analysts also point to telcom-related ETFs like the iShares Dow Jones U.S. Telecom Fund (IYZ), 16.5% of which is made up of AT&T, an Apple iPad partner. TheStreet's Don Dion has already cited IYZ as the best ETF to gain exposure to AT&T and iPad demand.

Read on for more Apple-related buys.

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SDK $60.50 -0.82%
AAPL $130.28 0.00%
BRCM $44.46 0.00%
OVTI $26.62 0.00%
T $34.01 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

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